The global slowdown of 2007-9 has changed the dynamic of the Bulgarian financial market. Clients' need for confidence in receiving the best possible advice and for confidence that they are mitigating as many risks as possible has, if anything, increased. The conclusion of debt transactions demands a sophisticated and broad mix of financial and legal capabilities now more than ever.
Our approach to transactions is analytical and rigorous. This allows us to assist clients with innovative solutions and we aim to be at the forefront of all types of finance law work, while remaining highly pragmatic.
To date, we have advised on a large number of transactions with both creditor and debtor clients. We understand how products in the capital structure operate. We also appreciate the different approaches and requirements of lenders, borrowers and investors in the currently unbalanced credit market.
We have assisted our clients in executing secured transactions involving all forms of security, including:
Our lawyers advise banks and other lenders, borrowers, funds and investors in large scale real estate transactions. The team advises our clients on a wide range of property investment and development financings implemented, where relevant, through structured deals of some complexity.
Thus, we have a strong experience and good understanding of all aspects of real estate finance on the Bulgarian market.
Our firm advises stakeholders on the legal aspects of projects and project financings across industries. We provide comprehensive advice on joint ventures and project structures, conduct legal due diligence assignments, assess risk allocation and review the financing arrangements and the relevant security packages.
Through our strong M&A and Insolvency and Reorganization teams, we have good experience in advising corporate debtors in relation to debt restructurings, re-financings and recapitalizations, debt buy-backs, and other forms of restructuring.
Advising on an LCIA claim
Suppliers with less bargaining power sometimes accede to arbitration clauses which make bringing or defending a claim prohibitively expensive.
In such cases, it is especially important when acting for the potential claimant (and subject to a judgement on the overall viability of the claim), to offer a cost-effective solution to allow the claim to get off the ground. This may include assessing whether the arbitration clause is likely to be found effective or pathological, and whether it may be permissible and advisable to launch court proceedings instead (which can be more economical especially in their early phases).
It is also helpful to be able to rely on advice which is simultaneously excellent in relation to both the jurisdiction in which enforcement is likely to be sought (e.g., Bulgaria) and the jurisdiction whose governing law the parties have agreed to apply or which applies for another reason.
NBLO recently acted for a potential claimant in such a situation alongside the client's existing Bulgarian counsel to advise on the interplay of the arbitration rules of the London Court of International Arbitration (LCIA) and Bulgarian law and on the mechanics and prospects of a claim. We regularly and successfully collaborate with clients’ existing counsel to achieve the best results for such clients.
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